Wall Street’s first encounter with the Reddit community (specifically members of r/wallstreetbets) led to some very interesting action in the market. GameStop (GME) and movie giant AMC were the first two companies that this community forever changed, but they won’t be the last.
Reddit community members that participated early in the promotion of these companies made killings, while others that came late to the party did so at their own peril. Perhaps the only thing all members of the largely decentralized movement had in common was the pleasure that they took in their ability to cause chaos for traditional Wall Street firms. The full story is presented in the new Netflix documentary, Eat The Rich, which, as far as guilty pleasures and reality TV go, is about as good as it gets for Finance types.
The community, which traded mostly on Robinhood, ultimately had their momentum halted by the thing that they fear the most: large Wall Street institutions conspiring to stop them. In light of this betrayal by Robinhood, it was only a matter of time, in most people’s opinions, for the r/wallstreetbets community to find a home in decentralized-cryptocurrency-
Memes and NFTs
Evidence to this movement can be found in looking at a recent NFT drop on the Polygon Network, popular with r/wallstreetbets. Members from the community, which now number 14 million, opened an estimated 3 million new crypto wallets to participate in the project. Most Robinhood traders aren’t yet trading synthetic stocks on decentralized cryptocurrency exchanges like Gains.trade or Synthetix, but we do notice the community impacting NFT markets and ushering in an uptick in Meme coin adoption.
Meme coins from Redittland? Count on it. And now with extra F*Ck You! Case in point: CRAMER Coin.
Cramer Coin (symbol CRAMER), in true #OccupyWallStreet fashion, has a stated mission to make the opposite investment of whatever CNBC’s Jim Cramer recommends. Let that sink in for a minute. Oh, and don’t be misled, that won’t control the price – at least not in the short term. The price will be a function of supply and demand in the marketplace. The track record for meme tokens ability to sniff out value remains questionable at best. The investment merit of CRAMER as a Meme token, as well as that of Jim Cramer’s recommendations, are open to a matter of opinion. One thing that is undeniable is that we haven’t seen the end of community activism or heard the last from a generation of investors that feel marginalized and are willing to use their investment dollars to show their dissatisfaction.